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CRUCIAL ON-CHAIN BITCOIN INDICATOR SUGGESTS A STRONG RALLY WILL COME
Ki Young Ju, CEO of CryptoQuant, noted that BTC is likely on the verge of a full-blown bull run as the mining ecosystem flashes a number of bull signals.
He shared a chart on September 24th, noting that Bitcoin miners are suggesting that a bull run is around the corner.
This same signal appeared in early 2017, preceding a parabolic surge.
“If BTC miners still drive the price, the next bull-run should be starting soon. MPI(Miner Position Index) has a very high hit rate in forecasting the bull/bear market when the macro factors like the stock market are not significant.”
Should history rhyme, the Bitcoin price is on the verge of a parabolic rally that should bring it past the previous all-time high at $20,000.
And if history actually repeats itself with Bitcoin surging another 1500% from here, then the BTC price can literally skyrocket to $150,000.
Aside from pure on-chain data, analysts say that the fundamentals of Bitcoin are stronger than ever.
This corroborates the expectations of the cryptocurrency market to undergo a strong rally to the upside.
Speaking on the fundamentals of BTC, Raoul Pal, CEO of Real Vision, recently stated:
“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin.
Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”
Others like Pal have echoed this optimistic sentiment.
They say that due to the vast amount of monetary stimulus amongst other geopolitical and monetary trends, BTC is primed to move higher.
In other trending Bitcoin News today:
Bitcoin Has 60X Market Expansion Potential, Says Crypto Investment Firm Galaxy Digital – Here’s Why
Galaxy Digital Capital Management, a leader in digital asset investing, says Bitcoin’s mainstream market presence is on the rise, with more growth potential than gold.
Although the precious metal has historically been investors’ favorite time-tested and reliable safety net against financial uncertainty, Galaxy Digital says in a new report that recent investments in Bitcoin from macro investing legend Paul Tudor Jones and tech giant MicroStrategy highlight Bitcoin’s attractiveness as a potential hedge against inflation.
With a market cap of over $200 billion, Galaxy Digital says Bitcoin still has tremendous room to grow.
“Gold’s market capitalization is currently over $12 trillion. Bitcoin’s value, on the other hand, is currently around $200 billion, less than 2% of the gold market. That presents a potential greater than 60x market expansion opportunity if Bitcoin grows to gold’s level as an alternative, digital store of value asset.”
Due to its open-source ethos and 11-year history of negative correlation to major global assets, Bitcoin has transformed from an obscure, decentralized peer-to-peer digital transaction facility to a globally-recognized institutional asset that is resistant to political censorship or interference.
Institutional adoption and usage of Bitcoin has surged since the Covid-19 pandemic, thanks to swelling government debt and fiscal stimulus hitting record highs, says Galaxy Digital.
“Top investors and large institutions are adopting it as an inflation hedge, including macro legend Paul Tudor Jones and MicroStrategy Inc., a publicly-traded business intelligence software firm (NASDAQ: MSTR).”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
One year from now I think 1 Bitcoin will be worth $53,100
— Crypto Capital Venture ⚡️ (@cryptorecruitr) September 26, 2020
https://mcusercontent.com/4ee5467326fbf62430854c9c7/files/d3f78f5b-247d-4232-8f29-ad603fef945f/GFM_Digital_Assets_Diversified_September_2020.pdf
When This Signal Flashed in 2017, Bitcoin Gained 1,500%. It’s Back Again
https://cointelegraph.com/news/ultimate-bitcoin-bull-case-trader-says-23-factors-show-a-rally-is-due
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